TMI Blog2012 (3) TMI 537X X X X Extracts X X X X X X X X Extracts X X X X ..... hdrawals is the peak amount and in that case peak amount is to be added. We find that the assessee has maintained a bank account which is admittedly not disclosed to the revenue and there is no doubt that the deposits in this bank account represents undisclosed income of the assessee to be assessed as undisclosed income but qua only the peak amount. The assessee has filed complete statement of pea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r dated 30.12.2009. 2. At the outset, it seems that this appeal by revenue is delayed by three days and there is a condonation petition. As the Ld. Counsel for the assessee conceded the position that the delay can be condoned, considering the concession given by Ld. Counsel, we condone the delay and admit the appeal. 3. The only issue in this appeal of revenue is against the order of CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e heard rival submissions and gone through facts and circumstances of the case. We find that the Assessing Officer made addition on account of unexplained deposits in bank account amounting to ₹ 17.69 lacs. Assessing Officer during the course of assessment proceedings found that there are total cash deposits of ₹ 13.39 lacs and cheque deposit of ₹ 4.3 lacs during the year in savi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... withdrawals is the peak amount and in that case peak amount is to be added. We find that the assessee has maintained a bank account which is admittedly not disclosed to the revenue and there is no doubt that the deposits in this bank account represents undisclosed income of the assessee to be assessed as undisclosed income but qua only the peak amount. The assessee has filed complete statement of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
